Thank you very much for the question, Mr. Chair.
Yes, Canada has been reluctant in using Magnitsky sanction legislation. This is, of course, legislation that allows the Canadian government to target individual human rights abusers and corrupt officials in countries like Russia and China. We've fallen behind our allies in placing names on our own sanctions list.
The fact of the matter is that corrupt Russian oligarchs hold significant assets—I'm talking about hundreds of millions, if not billions of dollars in assets—in this country. Targeting those assets with sanctions would send a very strong message to Vladimir Putin and would almost certainly cause him to change his calculus with regard to the situation in Ukraine and the conflict that he's trying to create with NATO right now.
We need to be using those sanctions more efficiently. We need to be targeting Putin in his own wallet through his corrupt oligarch enablers. We need to be updating that legislation to introduce some reporting and transparency to it to make it work more efficiently.